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NEW STAFF COMING: A worker operates machines at An Phat Garment Company in Binh DInh Province. The company was granted a loan of VND13 billion with an interest rate of zero per cent according to a policy of the Government on supporting employers affected by the COVID-19 pandemic and is now operating well and hiring 1,600 labourers. Viet Nam outperformed other countries in the region, with gross domestic product growing 8.02 per cent in 2022, the fastest pace annually since 1997. According to UNDP Resident Representative Ramla Khalidi, Viet Nam has bright economic prospects. “Evidence of a strong recovery is welcome news after two years of economic disruption caused by the pandemic. Vietnamese households will enter the Year of the Cat in 2023 in better financial shape than a year ago,” she said. After two years of struggling with COVID-19, seemingly the biggest game changer of the global economy in the century, Viet Nam has found its way to respond appropriately to the pandemic … [Read more...] about Socio-economic recovery programme reaps fruit

Dawn breaks over Da River lake.(Photo: VietnamPlus) Hanoi (VNA) - As vaccination coverage is expanding, the severity of the SARS-CoV-2 virus is showing signs of dying out. As a result, Vietnam’s tourism needs to quickly work out harmonious measures for the coming period of recovery. A sad economic year for the tourism sector has come to an end after many tremors caused by successive outbreaks of COVID-19 . Vietnam’s green economy in 2021 failed to recover as seen through the statistics of the yearly review, yet many experts still believe that in 2022, accelerations will be created with attention and assistance from the government. Although the pandemic is still spreading with new variants, there are grounds for us to hope the constantly expanding vaccination coverage has helped weaken the severity of the SARS-CoV-2 virus. The clock is ticking towards the day when the world can contain and roll back the pandemic, opening up chances for socio-economic recovery. That is … [Read more...] about Vietnam’s tourism in 2022: measures for recovery, acceleration

The import-export turnover of goods in the first ten months of 2022 reached US$616 billion, up 14 per cent over the same period in 2021. — Photo chinhphu.vn Imports and exports continue to be a bright spot for Viet Nam despite facing numerous difficulties. According to experts, Vietnamese enterprises can penetrate the global supply chains with good strategies. Tran Phu Lu, Deputy Director of the Investment and Trade Promotion Centre of HCM City (ITPC), said Viet Nam's economy experienced impressive growth in 2022. In addition to a faster-than-expected recovery in the fields of manufacturing, services and domestic consumption, he said exports were a main driving force. The import-export turnover of goods in the first ten months of 2022 reached US$616 billion, up 14 per cent over the same period in 2021. The export value was $312 billion, up 15.9 per cent year-on-year. He cited HCM City as an example, attributing the city's growth rate of more than 9 per cent to the significant … [Read more...] about Appropriate strategies needed to help local businesses join global supply chains: experts

The Vietnam National Textile and Garment Group projects that the industry’s export turnover reached $44 billion for 2022, an annual increase of 8.8 per cent. A garment factory in Hung Yen province (Photo: VNA) Meanwhile, according to the Vietnam Textile and Apparel Association, output slowed in the last three months of the year, but owing to robust growth in the preceding three quarters, the export result ended up as an increase of 10 per cent from 2021. Typically, Q4 is the peak production period for export firms such as textiles, but this time around orders plummeted drastically, pushing businesses to produce goods they had never made before to find customers. The present moment is not only challenging for Vietnam’s textile and apparel sector, but also for the worldwide market. According to Asian Development Bank research, while economic development is expected to slow in 2023, meagre incomes in the United States will continue to rise, and already accounted for … [Read more...] about More responsible operations to help expand textile chains

The recovery process may start from the third quarter of 2023 onwards. As legal bottlenecks, lack of capital access, and challenges in raising capital from corporate bonds are major issues that have hindered the development of Vietnam’s real estate market,  experts suggested 2023 would be a turning point to address these shortcomings. Locals looking at a property project. Photo: Tieu Thuy Addressing supply-demand imbalance The year 2022 proved to be a dismal period for the real estate market, as changes in legal policies and the tightening of bank credit have almost frozen the market. Property developers, large or small, were forced to undergo restructuring to cut costs or postpone investment and construction activities. Others have put their plans to issue shares on hold, some even having to borrow capital outside the banking system at very high-interest rates to stay afloat. The real estate market entered a period of depression unprecedented in the … [Read more...] about Vietnam’s real estate market at turning point in 2023: Experts

Customers at a transaction office of Baoviet Bank in Ha Noi. — VNA/VNS Photo Tran Viet The Vietnamese stock market witnessed a turbulent year in 2022. In the last quarter of 2022, the market plunged and hit a two-year low of below 900 points in the middle of last November. The quick and strong recovery helped the VN-Index recoup the majority of its losses before being corrected, and it ended the quarter with an 11 per cent drop. After a slight gain in the third quarter of last year, the whole market's outstanding loan balance posted a significant decrease in the fourth quarter. According to estimations, as of the end of 2022, outstanding loan balance of securities firms was VND120 trillion (US$5 billion), a decline of VND40 trillion over the previous quarter. The amount excluded triparty loans. Of the outstanding loan balance, margin lending accounted for around VND115 trillion, while the rest was cash advances. Margin balance of the whole market was estimated to fell about … [Read more...] about Outstanding loan falls sharply in Q4

Local businesses are advised to be more creative, react faster, and have more resources to adapt to unforeseen changes by 2023. Tourism firms are optimistic about the outlook for 2023, especially the goal of welcoming 110 million visitors to Vietnam this year when sharing with The Hanoi Times on the occasion of the Lunar New Year holiday. Travelers from Colombia visit Hue City and Hoi An Ancient Town, Quang Nam Province. Photo: Asia Exotica Vietnam Travel Alberto J. Lugo-Vina, General Manager, Hotel de l’Opera Hanoi: The hospitality industry is recovering strongly. The first quarter of 2022 was very challenging for us, and we believe not only us but many other hotels and hotel team members feel exhausted after such a long time of so many ups and downs. The opening of tourism from March 15, 2022, is an important milestone for Vietnam's tourism industry and our hotel. After the re-opening of international flight routes, as of April 2022 onwards, … [Read more...] about Tourism firms upbeat about 2023

Local businesses are advised to be more creative, react faster, and have more resources to adapt to unforeseen changes by 2023. Tourism firms are optimistic about the outlook for 2023, especially the goal of welcoming 110 million visitors to Vietnam this year when sharing with The Hanoi Times on the occasion of the Lunar New Year holiday. Travelers from Colombia visit Hue City and Hoi An Ancient Town, Quang Nam Province. Photo: Asia Exotica Vietnam Travel Alberto J. Lugo-Vina, General Manager, Hotel de l’Opera Hanoi: The hospitality industry is recovering strongly. The first quarter of 2022 was very challenging for us, and we believe not only us but many other hotels and hotel team members feel exhausted after such a long time of so many ups and downs. The opening of tourism from March 15, 2022, is an important milestone for Vietnam's tourism industry and our hotel. After the re-opening of international flight routes, as of April 2022 onwards, … [Read more...] about Tourism firms upbeat about Vietnam’s 2023 outlook

Vo Tri Thanh Vo Tri Thanh* Despite the negative impact of the COVID-19 pandemic, Viet Nam has seen an economic growth trajectory different from the general picture of the world economy over the past years. In 2020, when the pandemic started causing devastating effects on a global scale, Viet Nam was among the few economies with positive growth (2.9 per cent) while major economies of the world witnessed a severe recession. In 2021, bucking the world’s strong recovery, the economy’s growth rate only reached 2.6 per cent. Viet Nam has emerged as a stronger, more resilient economy over the past years. It recovered strongly from the low "base" two years ago to shine a light in a world of challenges and uncertainties. The country’s gross domestic product grew at 8.02 per cent in 2022, the fastest pace over the past 25 years, backed by retail sales (reflecting final consumption), investment (especially FDI disbursement), and impressively increased exports. We, however, cannot … [Read more...] about Colours of Vietnamese economy in 2022 and 2023 outlook

This growth rate is also among the highest in the world, the third among 11 countries in Southeast Asia, and 33rd out of 118 countries and territories worldwide. UNDP Resident Representative in Vietnam Ramla Khalidi noted that this strong recovery was achieved despite powerful headwinds like rising energy and food prices, a strengthening U.S. dollar, slow growth in external markets, and the continuing effects of the pandemic. “The success of the immunization program made possible a robust economic recovery in 2022, including a significant rebound in domestic consumption among the poor and near poor,” said Ramla Khalidi. Vietnam's economy size in 2022 was estimated at nearly USD 400 billion; the annual per capita income was over USD 4,000; its trade size was about USD 750 billion, putting Vietnam in the group of 20 world leading economies in terms of international trade. Meanwhile, nearly USD 20 billion of FDI capital was disbursed, a record high in the past five years. … [Read more...] about Vietnam’s imprint in 2022: All-out efforts bring spectacular growth